Solicitation Notice

On the record for Solicitation Notice 6 1 2023: no annual fee, filed by Summit Credit Union.

What the document actually states

Summit Credit Union submitted the terms for Solicitation Notice 6 1 2023 to the CFPB's agreement database; this is what they contain. The filing runs three pages, and It is issued on the Visa network.

On the record here: an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. A purchase rate, a cash advance rate and a balance transfer rate are not stated.

These figures carry medium extraction confidence — they are reproduced as read from the filing, which remains the authority.

Where the fees are

There is no annual fee. That is the common case in this corpus — about 75% of the filings that disclose an annual fee at all disclose it as $0 — so it is a baseline expectation rather than a distinguishing feature.

Cash advances carry a cash advance fee of $3.

Transfers are charged $10 or 3% of the amount transferred, whichever is greater, though no distinct transfer APR appears in the document. On $1,000 that fee is about $30 before any interest is charged.

Foreign transactions attract 1%. On $5,000 of overseas spending that is $50, charged on top of whatever exchange rate applies.

The grace period

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That matches the 25-day median across the corpus almost exactly.

Penalty pricing and late fees

The maximum late fee is $25 — roughly the 32nd percentile of the late fee ceilings disclosed across this index.

Against the rest of Summit Credit Union's filings

Summit Credit Union has 44 agreements indexed on this site. Their disclosed purchase rates run from 12.4% to 20.9%, though this particular filing does not state one in comparable form.

What is outside the disclosure

The disclosure parsed here does not state a purchase rate and penalty pricing. Those gaps are gaps in what could be read from the filing, and the PDF may well address them in prose the rate table does not capture.

It is worth being explicit about scope: these filings record terms and pricing. They say nothing about rewards programmes, cardholder benefits, promotional offers or who the issuer will approve, and this review does not speculate about any of it.

The document itself

The filed PDF is linked from this page and runs three pages. It is the authority for every figure summarised above; where this page and the document disagree, the document is right.

In short

Given the parsing confidence on this filing, read the agreement itself before treating any of these figures as settled.